"In the three years we have been planning for this product launch, we have built a very solid relationship with Fidelity," Blackstone Alternative Asset Management CEO Tom Hill said. "Like Blackstone, Fidelity is a leader in the asset-management industry and has a history of providing great value to its clients."

Under the arrangement, Fido and Blackstone have an exclusive agreement covering individual investors for an undisclosed period of time. Blackstone can still sell the fund itself to institutional clients.